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Alameda-backed crypto miner Genesis Digital Assets is reportedly in discussions with advisors about launching a pre-IPO funding round within the coming weeks.
Genesis Digital Assets (GDA), a <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> mining firm headquartered in Texas, is considering an initial public offering (IPO) in the U.S., despite significant investment from the now-disgraced hedge fund <a href="https://crypto.news/tag/alameda-research/" target="_blank" rel="noopener noreferrer nofollow">Alameda Research</a>, founded by Sam Bankman-Fried.
According to a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-02/alameda-backed-miner-genesis-digital-assets-said-to-weigh-us-ipo" target="_blank" rel="noopener noreferrer nofollow">report</a>, the company is actively engaging with advisors to expedite its IPO plans, targeting a pre-IPO funding round as soon as in the “coming weeks.” It remains unclear if GDA intends to complete the IPO by the end of 2024, as discussions are still in progress.
You might also like: <a href="https://crypto.news/europes-largest-bitcoin-miner-northern-data-eyes-ipo-in-2025-report/" rel="noopener noreferrer nofollow"> Europe’s largest Bitcoin miner Northern Data eyes IPO in 2025: report </a>
Founded in 2013, Genesis Digital Assets has raised over $1.61 billion in total, with $1 billion from Alameda Research in April 2022, which increased the firm’s valuation to approximately $5.5 billion. GDA operates with a power capacity exceeding 500 megawatts across 20 data centers located in North America, Europe, Central Asia, and South America.
FTX&nbsp;and its affiliated entities — including Alameda Research — <a href="https://crypto.news/ftx-files-for-chapter-11-bankruptcy-taking-down-about-130-companies-with-it/" target="_blank" rel="noopener noreferrer nofollow">collapsed</a>&nbsp;in November 2022 amid allegations of embezzlement and misappropriation of billions of dollars in customer funds involving its owners and the hedge fund. Sam Bankman-Fried, the founder of the exchange,&nbsp;<a href="https://crypto.news/sam-bankman-fried-sentenced-25-years-ftx/" target="_blank" rel="noopener noreferrer nofollow">was sentenced</a>&nbsp;to 25 years in prison and ordered to reimburse $11 billion.
Read more: <a href="https://crypto.news/crypto-exchange-kraken-eyes-100m-pre-ipo-raise/" rel="noopener noreferrer nofollow"> Crypto exchange Kraken eyes $100m pre-IPO raise </a>

Bitcoin miner Genesis Digital Assets eyes IPO in US: report

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